Wealth Tax: Yeah! Why do Warren Buffett and Bill gates need so much money in their Trust?

[Brain357]

Do you think Elon Musk and Jeff Bezo even care about paying off the debt?

They would if taxes increased.

 

[Agit8r]

Foundations should have to contribute far more than five percent of yearly assets to remain "non-profit" for tax purposes. If these trusts continue getting larger and larger with minimal dispersal, they are strictly speaking for-profit.

What is the 5% payout rule?

This familiar, if complex, rule is getting additional attention from family foundations looking at the fourth quarter of the year amid an economic downturn. What do the rules require?

www.ncfp.org

 

[Mr Natural]

We will need to pay off debt somehow.

And we do that by cutting taxes for the billionaires.

You haven’t been paying attention.

I’ve noticed deficits drastically increase with each tax cut...

But billionaires get to pocket more money.

And isn't that what really matters?

 

[DrLove]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

 

[Blues Man]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

 

[bendog]

We will need to pay off debt somehow.

I don't think it really raises enough revenue to have much of an effect. But lifting the cap on soc sec and doing some means testing on medicare are probably inevitable ... assuming we want to continue having the largest economy. And there's no way to get people to accept that unless they see the 100 or so who most benefited from the "supply side bubble" getting it stuck to them too. What pisses me off the most about the uber progressives like AOC and Bernie is they killed off the 12 dems we would need in the House to do this in 22-24.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.

 

[Brain357]

We will need to pay off debt somehow.

I don't think it really raises enough revenue to have much of an effect. But lifting the cap on soc sec and doing some means testing on medicare are probably inevitable ... assuming we want to continue having the largest economy. And there's no way to get people to accept that unless they see the 100 or so who most benefited from the "supply side bubble" getting it stuck to them too. What pisses me off the most about the uber progressives like AOC and Bernie is they killed off the 12 dems we would need in the House to do this in 22-24.

I think increasing taxes sends the right message though. We need to pay for spending.

 

[bendog]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

That's about half of what we spent on stimulus in the past 2 years, and even that is never going to pass. A 10% surtax?

 

[White 6]

Lizzy Cheekbones teamed up with Bernie "Please may I have another screwing over at the voting Booth" Sanders to propose a "wealth tax"

It's slated to be only 2% annual tax on wealth over $50MM, but why stop there?

Are CCPdemocrats aiming too low? I mean the Gate Trust alone must have $50 BILLION!!! Why aren't dems targeting that idle wealth?

Be sure to let us know if it ever comes out of committee. Kind of doubt you will see it.

 

[Blues Man]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.

That's their problem. People need to learn how to handle their own money.

I always managed to pay my quarterly taxes on time so can everyone else.

 

[martybegan]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

A wealth tax would be impossible to implement, and wouldn't raise anywhere near what you think it would because people would have to liquidate hard assets in many situations to get the cash they need to pay the taxes, all the while anyone else who could be a buyer would be in the same exact boat.

Plus, what is the mechanism for determining a person's exact "wealth"? Do you expect them to count every piece of furniture, every spoon and every law ornament they have? And who determines the current value of items based on depreciation and/or increase in value due to collectability?

The only current form of "wealth" tax we have are property taxes, and those are limited to the property itself, and the condition of the structures only on the property.

All of this is moot anyway, because the federal government has no constitutional authority to tax wealth.

 

[emilynghiem]

We will need to pay off debt somehow.

Why not treat the debts like a credit card bill?

If charges weren't authorized, if bailouts, corporate payouts, or waste/abuse were done for private or political interests in violation of Constitutional laws, limits or ethics, why can't consumer taxpayers contest these charges and bill them to the wrongdoers, fraudsters, borrowers, or people and parties approving the loans or handouts and other contested charges! We should only pay for what we approved. States and Parties can hold a convention to check the budget and vote to fund or defund costs delegated by representation approving the terms and conditions on where these taxes are being spent.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.

That's their problem. People need to learn how to handle their own money.

I always managed to pay my quarterly taxes on time so can everyone else.

I do too. But I think it would be a huge hit to revenue. And then do we jail lots of people? Too many new problems.

 

[DrLove]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

That's about half of what we spent on stimulus in the past 2 years, and even that is never going to pass. A 10% surtax?

We'd better figure out something to address wealth inequality and pay down the national debt or we'll all be F'd. Cleaning up and simplifying a tax code that enables a company like Amazon to pay nothing or a cheat like Rump to pay $750 two years in a row is also essential.

Jeff Bezos Adds Record $13 Billion in Single Day to Fortune

Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.

www.bloomberg.com

 

[bendog]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

That's about half of what we spent on stimulus in the past 2 years, and even that is never going to pass. A 10% surtax?

We'd better figure out something to address wealth inequality and pay down the national debt or we'll all be F'd. Cleaning up and simplifying a tax code that enables a company like Amazon to pay nothing or a cheat like Rump to pay $750 two years in a row is also essential.

Jeff Bezos Adds Record $13 Billion in Single Day to Fortune

Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.

www.bloomberg.com

Well, imo wealth disparity is just because the % of income growth in the top 1% and more so the top .1% grew much faster than workers' incomes, and their taxes did not rise in % to their income growth. The supply siders and tools of Norquist who dream they too could invent the computer will say "but the top 10% pay by far most of the total taxes." While that's true, it's actually evidence of the unequal share of who earned the increases in gnp. It's totally opposite to what occurred from 1950-1980 when the middle class emerged. Partially, post-1980 was the decline in unions and globalization.

But we taxed the shit out of the rich before Reagan. I'd say our problem was not how much we taxed them, but the ways we let them avoid any tax by not earning profit on their "nut." But we had the Reagan boom because so much money sought productive investments after we cut the top income tax rate to 33% or whatever. Now we have the opposite problem. Not enough places to invest. So we have housing and equity bubbles faster than we did before.

 

[Brain357]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

That's about half of what we spent on stimulus in the past 2 years, and even that is never going to pass. A 10% surtax?

We'd better figure out something to address wealth inequality and pay down the national debt or we'll all be F'd. Cleaning up and simplifying a tax code that enables a company like Amazon to pay nothing or a cheat like Rump to pay $750 two years in a row is also essential.

Jeff Bezos Adds Record $13 Billion in Single Day to Fortune

Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.

www.bloomberg.com

Well, imo wealth disparity is just because the % of income growth in the top 1% and more so the top .1% grew much faster than workers' incomes, and their taxes did not rise in % to their income growth. The supply siders and tools of Norquist who dream they too could invent the computer will say "but the top 10% pay by far most of the total taxes." While that's true, it's actually evidence of the unequal share of who earned the increases in gnp. It's totally opposite to what occurred from 1950-1980 when the middle class emerged. Partially it was the decline in unions and globalization.

We taxed the shit out of the rich before Reagan. I'd say our problem was not how much we taxed them, but the ways we let them avoid any tax by not earning profit on their "nut." But we had the Reagan boom because so much money sought productive investments. Now we have the opposite problem. Not enough places to invest. So we have housing and equity bubbles faster than we did before.

Our wage problems are from too many near monopolies and wage collusion. We had super low unemployment and wages barely moved.

 

[Blues Man]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.

That's their problem. People need to learn how to handle their own money.

I always managed to pay my quarterly taxes on time so can everyone else.

I do too. But I think it would be a huge hit to revenue. And then do we jail lots of people? Too many new problems.

Gee imagine forcing people to actually be responsible for themselves

That's horrible.

 

[Blues Man]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

That's about half of what we spent on stimulus in the past 2 years, and even that is never going to pass. A 10% surtax?

We'd better figure out something to address wealth inequality and pay down the national debt or we'll all be F'd. Cleaning up and simplifying a tax code that enables a company like Amazon to pay nothing or a cheat like Rump to pay $750 two years in a row is also essential.

Jeff Bezos Adds Record $13 Billion in Single Day to Fortune

Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.

www.bloomberg.com

Well, imo wealth disparity is just because the % of income growth in the top 1% and more so the top .1% grew much faster than workers' incomes, and their taxes did not rise in % to their income growth. The supply siders and tools of Norquist who dream they too could invent the computer will say "but the top 10% pay by far most of the total taxes." While that's true, it's actually evidence of the unequal share of who earned the increases in gnp. It's totally opposite to what occurred from 1950-1980 when the middle class emerged. Partially, post-1980 was the decline in unions and globalization.

But we taxed the shit out of the rich before Reagan. I'd say our problem was not how much we taxed them, but the ways we let them avoid any tax by not earning profit on their "nut." But we had the Reagan boom because so much money sought productive investments after we cut the top income tax rate to 33% or whatever. Now we have the opposite problem. Not enough places to invest. So we have housing and equity bubbles faster than we did before.

Most of the top 1% money doesn't come from income it comes from investments.

 

[Dana7360]

Lizzy Cheekbones teamed up with Bernie "Please may I have another screwing over at the voting Booth" Sanders to propose a "wealth tax"

It's slated to be only 2% annual tax on wealth over $50MM, but why stop there?

Are CCPdemocrats aiming too low? I mean the Gate Trust alone must have $50 BILLION!!! Why aren't dems targeting that idle wealth?

Actually if you were paying any attention last year you would know that it is Bernie who has teamed up with Elizabeth. That wealth tax was her idea and one of the things she campaigned on last year.

Our national debt is over 20 trillion.

How do you plan to get that paid?

No amount of cutting the budget will get that paid.

Especially when no politician is willing to make those cuts.

The budget deficit is again at a record level at over a trillion dollars.

How do plan to balance the budget?

No amount of cutting the budget will get that record deficit removed and our budget balanced.

Especially since no politician is willing to make those cuts.

The filthy rich have been showered with trillions ever since the reagan years.
The tax cuts for the rich is one of the reasons why we have such a high debt and deficit.

The filthy rich are the ones sending American jobs overseas reaping even more wealth without having to pay much of any tax on it.

Why not have them finally financially contribute to getting that deficit eliminated and the debt paid off? They can afford it.

I believe we need a separate tax on the rich that will be only used to balance the budget then pay off our national debt. I would make that tax much higher than just 2% and the floor on wages to have to pay it much lower.